National Insurance cut announced with average worker to get £450 boost
Jeremy Hunt has announced a cut in National Insurance in his Spring Budget. The Chancellor has announced a cut of two percentage points for employee National Insurance from April 6 - down from 10 per cent to eight per cent.
Self-employed National Insurance is being cut from eight per cent to six per cent. "It means an additional £450 a year for the average employee, or £350 for someone self-employed," Mr Hunt said.
The Chancellor said that, combined with the reductions to National Insurance he announced last autumn, the measure would mean 27 million employees would get an average tax cut of £900 a year, while two million self-employed would have an average £650 cut.
He made the announcement to MPs in the House of Commons this afternoon (March 6). READ MORE: Spring Budget 2024 LIVE as Jeremy Hunt announces tax plans with National Insurance cut expected Mr Hunt said the decision could be made because of lower inflation and higher investment in the economy. "The way we tax people's income is particularly unfair," he said. "If you get your income from having a job, you pay two types of tax - National Insurance contributions and income tax.
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